China's Alibaba beats quarterly revenue estimates

China's Alibaba Group Holding on Tuesday beat analysts' estimates for fourth-quarter revenue, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period.

The company reported revenue of 221.87 billion yuan ($30.66 billion)in the three months ended March 31, compared with a consensus estimate of 219.66 billion yuan, according to LSEG data.